NEW YORK CITY — Marcus & Millichap has completed the sale of a 40,300-square-foot mixed-use building located at 332 Keap St. in Brooklyn, New York City, for $4.3 million. Matt Fotis and Zachary Felson of Marcus & Millichap's Brooklyn office represented the seller, an estate. Fotis and Felson, along with Jeb Hollingsworth of the same office, represented the buyer, a private investor. The property traded at a 5.55 percent cap rate.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a 9,600-square-foot land parcel located along 34th Avenue in New York City for $3 million. The parcel, situated within Queens' Long Island City neighborhood, is currently zoned for multiple uses and is approved for up to 48,000 square feet of development. Eric Anton, Ronald Solarz and David Schechtman of Eastern Consolidated represented the seller, 36-06 34th Avenue LLC. Brian Ezratty, also of Eastern Consolidated, represented the buyer, Corner Piece Astoria LLC. Plans for the site have not been finalized, but the site could be developed into a hotel, among other things.
NEWTOWN, PA. — The grand opening has been held for the new Homewood Suites by Hilton located in Newtown. The four-story, 104-suite hotel is situated at 110 Pheasant Run. It features studio, and one- and two-bedroom suites. Amenities include a business center, an indoor pool, a landscaped courtyard with a barbecue area, a fitness center and 1,700 square feet of meeting space. Reese Hotels developed the property and Pheasant Run Hotels owns it. Hersha Hospitality Management is the manager.
BILLERICA, MASS. — CB Richard Ellis / New England (CBRE) has arranged a 216,780-square-foot industrial lease in Billerica. Pet supplies wholesaler PetEdge will occupy the space, located within a 612,685-square-foot warehouse at 90 Salem Road. PetEdge will use the space as the primary distribution center for the company. The CBRE team of David Corkery and Mark Reardon represented the landlord, ING Clarion Partners. Greg Klemmer and Tim Brodigan of Winchester, Mass.-based Klemmer Associates represented PetEdge. This most recent lease brings occupancy in the building to 85 percent.
STAMFORD, CONN. — Affinion Group has subleased 140,395 square feet of office space at 6 High Ridge Park in Stamford. The company will occupy all of Buildings A and C, along with a portion of Building B, as its corporate headquarters. The move will happen in April. The previous tenant, UST, relocated to Richmond, Va., following its acquisition by Altria Group. Kevin Foley of Cushman & Wakefield represented the tenant. Paul Jacobs of CB Richard Ellis represented the sublandlord. 6 High Ridge Park is part of a six-building office complex that comprises 583,000 of Class A space on 40 landscaped acres.
NEW YORK CITY — The grand opening has been held for the Holiday Inn Wall Street, a 20-story hotel located at 51 Nassau St. in the Financial District of Manhattan, New York City. Owned by McSam Hotel Group, the hotel is a conversion project. It features 113 guestrooms, a 24-hour fitness center and a full-service restaurant. Hersha Hospitality Management is the manager of the property.
BOSTON — Fantini & Gorga has arranged $2.07 million in construction/permanent financing for two flex industrial properties located in Boston's Dorchester neighborhood. The first property, located at 31-39 Norwood St., is a two-story building totaling approximately 9,300 square feet. The second property, which is soon to be under construction, will be similar to the first building and will be located at 19-29 Norwood St. Casimir Groblewski of Fantini & Gorga secured the funds on behalf of the borrower, 19-29 & 31-39 Norwood Street LLC, through a local community bank.
UPPER MORELAND, PA. — Philadelphia-based Binswanger has negotiated a lease for a 125,000-square-foot warehouse located in Upper Moreland. The facility is situated on 18.54 acres at 1001 S. York Road. The tenant, Benjamin Foods, will consolidate its warehouse operations, currently housed at three separate buildings, into the new space. The tenant will take occupancy by March 1. Binswanger represented the landlord, Vornado Realty Trust.
FARMINGDALE, N.Y. — Bohemia, N.Y.-based CMB Wireless Group has purchased a 149,300-square-foot industrial building located in Farmingdale for more than $11 million. Situated at 40 Daniel St., the building features 22-foot clear ceiling heights, four drive-in doors, 12 loading docks, 36,500 square feet of office space and roof-mounted solar panels that provide electricity to the building. Richard Cohen of Hauppauge, N.Y.-based Ashlind Properties represented CMB. Bill Greiner of Greiner-Maltz Co. represented the seller, Daniel Realty Associates.
LANCASTER, PA. — Construction is advancing for Mill Creek Square, an approximately $40 million retail project located in Lancaster. The center will total 285,000 square feet upon completion and is located on 35 acres along Lincoln Highway East. The project's 225,000-square-foot Phase I is already 82 percent leased. Anchors include an 87,000-square-foot Kohl's, a 42,750-square-foot Bed, Bath & Beyond, a 34,500-square-foot Christmas Tree Shops and a 25,000-square-foot Ross Dress For Less. Phase II of the center will consist of the remaining 60,000 square feet. Phase I construction began in September 2009, and completion is anticipated in October. Phase II will open as early as May 2011. Locally based High Real Estate Group is the developer of Mill Creek Square. Greenfield Architects is the project architect, and High Construction Co. is the general contractor. Project financing is being provided by Integrity Bank.